Reuters US Business

(Reuters) – The Illinois Secretary of State’s office implemented a stay on Carvana Co’s temporary suspension, allowing the online used-car retailer to do business in the state under strict guidelines, a state official said on Thursday. Carvana would be required to post a $250,000 bond to guarantee payment of any fines or fees incurred by …

Illinois officials order stay on Carvana’s temporary license suspension Read More »

(Reuters) – Gap Inc cut its annual sales and profit forecasts on Thursday, becoming the latest U.S. retailer to come under pressure from soaring costs and poor demand in the face of decades-high inflation. Shares of the company plunged more than 15% in extended trading, widening this year’s slump of around 37%. Retailers including Walmart …

Gap slashes annual forecasts as inflation drains demand; shares plunge Read More »

By Stephen Culp (Reuters) – Wall Street closed sharply higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal Reserve put investors in a buying mood. All three major U.S. stock indexes posted solid gains, with economically sensitive consumer discretionary and microchip stocks beating the …

Wall Street jumps on retailer outlook hikes, ebbing Fed fears Read More »

By Isabel Woodford MEXICO CITY (Reuters) – Financial inclusion levels in Mexico have worsened since 2018, official statistics show, despite a burst of financial startups hoping to ‘bank the unbanked’. Mexicans with at least one financial product last year fell 0.5% to 67.8% compared with 2018, the National Inclusion Report (ENIF) concluded this month. Meanwhile, …

Fintechs fail to make a dent in Mexico as cash remains king Read More »

(Reuters) – Joby Aviation Inc said on Thursday it had received a certification from the Federal Aviation Administration (FAA) that would allow it to kick start its air-taxi operations commercially. Although the certification gives the necessary clearance and is a significant milestone, the company still has some regulatory hurdles to clear before its five-seater aircraft …

Joby receives FAA nod to start air taxi services commercially Read More »

By Lindsay Dunsmuir (Reuters) – The world is moving rapidly toward increasing use of digital payments and an official digital version of the U.S. dollar could help safeguard its global dominance as other countries issue their own, Federal Reserve Vice Chair Lael Brainard said on Thursday. “I don’t think we should be taking the global …

Fed’s Brainard: We can’t take global status of U.S. dollar for granted Read More »

(Reuters) -Canadian data analytics software maker Telus International made and then abruptly withdrew a A$1.2 billion ($830 million) buyout approach for Australian rival Appen Ltd, Appen said on Thursday. “Telus informed us that they were revoking their Indicative Proposal. No reasons were given,” the Australian software seller said. Telus did not immediately respond to a …

Canada’s Telus abruptly walks away from $830 million offer for Australia’s Appen Read More »

By Sonali Paul MELBOURNE (Reuters) – Santos Ltd urged South Korea on Thursday to invest in Australian gas combined with carbon capture and storage to help meet South Korea’s needs until 2050. Australia supplies about one-third of South Korea’s LNG imports. Its imports are expected to peak in 2039 at just over 48 million tonnes …

South Korea needs Australian LNG with carbon capture, Santos CEO says Read More »

By David Lawder WASHINGTON (Reuters) – The U.S. budget deficit will shrink dramatically to $1.036 trillion for fiscal 2022 from $2.775 trillion last year as a strong recovery prompts a surge in revenues and lower outlays, but slowing growth will start to reverse the trend, the Congressional Budget Office said on Wednesday. Releasing new economic …

CBO sees sharp reduction in FY 2022 deficit, but slowing economy to boost debt Read More »